EU & Iraq pact will not boost energy supplies
Iraq will not boost the European Union’s (EU) oil, gas or power supply, or become a key supplier in the near future, say analysts, following the announcement that the two parties signed a Memorandum of Understanding designed to secure the EU’s energy supply.
The EU has said that the Strategic Energy Partnership, signed this week (January 18), will provide a political framework to reinforce energy relations between the EU and Iraq, becoming an 'energy bridge' between Europe, the Middle East and the Mediterranean.
The EU says it has taken into account that Iraq has the third largest proven petroleum reserves in the world. However, Iraq is ranked 15th
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